Connect with us

Investing

Trump’s social media venture to raise about $1 billion in funds

Trump's social media venture to raise about $1 billion in funds 1

By Krystal Hu and Juby Babu

(Reuters) – Former President Donald Trump’s new social media venture Trump Media & Technology Group and Digital World Acquisition Corp. said it has entered into subscription agreements to raise about $1 billion from a group of investors.

DWAC said it will provide up to $293 million to the partnership with Trump’s media venture, taking the total proceeds to about $1.25 billion.

Trump Media has yet to roll out its social media app.

Trump Media and Digital World did not respond to requests for comment on the identities of the investors behind the $1 billion raise.

Reuters had exclusively reported on Wednesday that the social media venture was seeking to raise up to $1 billion by selling shares to hedge funds and family offices.

While major Wall Street institutions are largely staying away from the investment over reputation concerns, some hedge funds, family offices and high net worth individuals had been expected to participate, sources told Reuters.

A full 8K filing with the SEC is expected to be filed on Monday with more details of the transactions, one source added.

(Reporting by Juby Babu in Bengaluru and Krystal Hu in New York; Editing by Daniel Wallis)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now